Parex Q3 2018 Results 25th Consecutive Quarter of Growth
CALGARY, Alberta, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX:PXT), a company focused on Colombian oil exploration and production, announces its
unaudited financial and operating results for the three months and nine months ended September 30, 2018 (“Third Quarter” or “Q3”). All amounts herein are in United States dollars
(“USD”) unless otherwise stated.
A conference call to discuss the Third Quarter results will be held on Wednesday November 7, 2018 beginning at 9:30 am Mountain Time.
2018 Third Quarter Highlights: Brent Pricing Exposure Drives Record FFO
- Quarterly production was 45,020 barrels of oil equivalent per day ("boe/d")(99% crude oil), representing an increase of 6 percent over the previous quarter ended June 30, 2018 and an increase of 24 percent over the prior year comparative period;
- Funds flow provided by operations was $147.1 million ($0.95 (or CAD $1.24)(1) per share basic) as compared to $66.0 million ($0.43 per share basic) for the prior year comparative period;
- For the three months ended September 30, 2018 the Company recognized free funds flow of $80.3 million;
- Earned net income of $88.7 million ($0.57 per share basic) compared to net income of $55.5 million ($0.36 per share basic) in the comparative quarter of 2017. For the first nine months of 2018, Parex earned $348.8 million of net income;
- Realized a sales price of $61.69/boe during the period at a $14.15/bbl discount to the average Brent price, an operating netback of $44.41/boe and a funds flow provided by operations netback of $36.68/boe (or CAD $47.94)(1);
- Capital expenditures were $66.8 million in the period compared to $51.4 million in the comparative period of 2017. 2018 year to date capital expenditures were $225.6 million. Parex expects to invest approximately $325 million in capital projects in 2018;
- Working capital was $143.2 million at September 30, 2018 compared to $66.1 million at June 30, 2018 and $140.3 million at September 30, 2017. The Company has an undrawn syndicated bank credit facility of $100.0 million; and
- Participated in drilling 16 wells(2) in Colombia resulting in 8 oil wells, 4 abandoned wells and 4 under test, for a success rate of 67 percent.
(1) Using USD-CAD Bank of Canada 2018 Q3 average rate of 1.3070